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carry out any of the redevelopment plans for the Merged Project Area and/or expend tax increment or pay indebtedness of the Agency to be repaid with tax increment, pursuant to Section 33670 of the CRL or any applicable constitutional provision, statute or other provision of law now existing or adopted in the future. In the event that additional funds are required in order to make the Agency payments to the City required by this Agreement, the Agency shall make such other payments from income received by the Agency from its projects and programs or any other additional funds available to it. C. The indebtedness of Agency under this Agreement shall be subordinate to the rights of the holder(s) of any existing bonds, notes or other instruments of indebtedness (all referred to herein as "indebtedness'D of the Agency incurred or issued to finance the Merged Project Area, including without limitation any pledge of tax increment revenues from the Merged Project Area to pay any portion of the principal (and otherwise comply with the obligations and covenants) of any bond(s) issued or sold with respect to the Merged Project Area. 2. CITY OBLIGATIONS A. The City shall accept any funds offered by the Agency pursuant to this Agreement and shall devote those funds to completion of the projects, programs and activities by (i) reimbursing the City of using such fiords to make City expenditures to perform the work required to carry out and complete the Projects; (ii) utilizing such funds to pay debt service on bonds or other indebtedness or obligations that the City has or will incur for such purposes; and/or paying such funds into a special fund of the City to be held and expended only for the purpose of satisfying the obligations of the City hereunder. B. It is the responsibility of the City to pay all development and construction costs in connection with the Projects from fiords paid to the City by the Agency under this Agreement. C. The City shall perform its obligations hereunder in accordance with all applicable provisions of federal, state and local laws, including its obligation to comply with environmental laws such as CEQA, and shall timely complete the work required for each of the Projects set forth in the Plan. 3. COMPENSATION AND METHOD OF PAYMENT The Agency shall contribute to the projects, programs and activities set forth in the Implementation Plan in an amount not to exceed Two Hundred Ten Million Dollars ($210,000,000.00), with the breakdown of Project costs as shown in Exhibit A attached hereto and incorporated herein. The Agency shall reimburse the City for the cost to the City of performing its obligations hereunder. The amount to be paid by the Agency hereunder shall be paid in the same fiscal year as the year in which the debts are incurred by the City. 4. LIABILITY AND INDEMNIFICATION 3 CRA Resolution No. 2011-002 Page 8 of 10